Oil Prices Soar as China Reenters Global Market Amid Middle East Conflict

China's oil prices have hit record highs as the escalating conflict in the Middle East continues to disrupt global energy supplies. The country, which is the world's largest market for imported crude, has been affected by the fighting between Saudi Arabia and Yemen's Houthis.

According to analysts, China had managed to keep oil prices down in 2026 by slashing its imports. However, with Beijing 'coming back off its crash diet', there are fears that prices could surge if the conflict continues to impact supply.

The Brent crude price fell on reports that Saudi Arabia might be able to partially restore a damaged pipeline within days. The US has chosen not to intervene after meeting with Houthi leaders, but this inaction risks empowering the rebels who now 'threaten one of the world's most important oil routes', according to a former White House envoy.